By Aduragbemi Omiyale A workshop designed to educate investors, especially those in the retail end of the curve, on how they can improve corporate governance has been organised by the Nigerian Exchange Regulation (NGX RegCo) Limited. The two-day event, which took place on Thursday, November 23, and Friday, November 24, 2023, was themed Rights and Responsibilities of Shareholders in Driving Corporate Governance. According to the NGX RegCo, the seminar was designed to promote a transparent and fair market, with participants agreeing that all hands must be on deck to sanitize the market and bring the boards and management of listed

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the federal government to reopen the Nigerian National Petroleum Corporation (NNPC) depot located in the Emene area of Enugu State. This call for action was made by new Caretaker Committee Chairman of IPMAN, Enugu NNPC Depot Community, Mr Chinedu Anyaso, during the inauguration of the new leadership of the branch in Enugu on Tuesday. Mr Anyaso decried the poor living condition of people living in the South East, saying one of the ways to alleviate the situation was to ensure that the depot was up and

By Aduragbemi Omiyale A provisional licence has been issued by the federal government for the operation of the proposed inland dry port (IDP) in Edo State. The facility, which will be managed by Atlantique Marine and Engineering Services (AMES) Limited, is to be called the AMES Edo Inland Dry Port. The Edo State government will also be part of the operators. The integrated dry port will have two Truck Transit Parks (TTP) infrastructure strategically located at the Benin Bypass in Edo South and at Aviele in Edo North. Recently, officials of the Federal Ministry of Transportation and the Nigerian Shippers’

By Dipo Olowookere Equities trading was boosted on Thursday after the benchmark index improved by 0.37 percent after the previous day’s loss. During the session yesterday, the All-Share Index (ASI) increased by 120.2 basis points to close at 32,228.50 basis points, while the market capitalisation went up by N44 billion to finish at N11.766 trillion. A total of 19 equities appreciated in price during Thursday trading day, while 15 stocks suffered losses at the close of transactions. Nestle Nigeria was the day’s biggest price gainer, adding N20 to its share value to finish at N1450 per share. Following was Presco,

By Adedapo Adesanya Guaranty Trust Bank UK (GTBank UK) Limited said it had reached a settlement with the country’s banking watchdog, Financial Conduct Authority (FCA), over the £7,671,800 sanction for serious weaknesses in its anti-money laundering (AML) systems and controls between October 2014 and July 2019. On Tuesday, in a statement seen by Business Post, FCA said that during the relevant period, the lender failed to undertake adequate customer risk assessments, often not assessing or documenting the money laundering risks posed by its customers. It also accused the bank of failing to monitor customer transactions and business relationships to the

By Aduragbemi Omiyale The shares of Sterling Bank Plc have been delisted from the Nigerian Exchange (NGX) Limited and have been replaced with the stocks of Sterling Financial Holdings Company Plc. This was done after Sterling Bank rejigged its business model and adopted the holding company structure to allow it to play in the different sectors of the financial industry. Prior to the listing of the new organisation on the local stock exchange, the equities of the old public entity were placed on full suspension to allow for a smooth process. Business Post reports that the delisting and relisting of

By Modupe Gbadeyanka The federal government and the labour unions in Nigeria are yet to reach a conclusion on the removal of fuel subsidy by the latter. The two parties held a meeting on Wednesday evening, but it was adjourned after they failed to agree. The federal government announced the removal of subsidy on premium motor spirit (PMS), popularly known as petrol, on Monday and yesterday, the Nigerian National Petroleum Company (NNPC) announced an increment in the pump price. At the meeting on Wednesday, the representatives of the labour unions maintained that the government must revert to the old pump

By Dipo Olowookere The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has advised any of his church member who intends to take the COVID-19 vaccine to go ahead, saying “safety belongs to God.” Addressing the congregation in the early hours of Saturday at the monthly Holy Ghost Night of Friday, October 1, 2021, the cleric said he has nothing against the vaccine as he can also take it if necessary. “I have not told you not to take the vaccine,” the respected man of God said shortly after mounting the altar to deliver his

By Modupe Gbadeyanka Nigerian Stocks closed slightly higher by 0.04 percent on Friday after an initial weakness on the trading floor of the Nigerian Stock Exchange (NSE) today. The All-Share Index (ASI) garnered 14.75 points to settle at 33,261.66 points, while the market capitalisation raked N5.1 billion to close at N11.5 trillion. The volume of shares transacted today by investors closed higher, though the value pointed south, finishing at 311.6 million shares and N3.3 billion respectively. This was in contrast to 288.9 million units exchanged by investors yesterday in 3,631 deals worth N3.8 billion. Just like on Thursday, financial stocks